Yesterday, the British pound overcame the embedded line of the descending price channel and reached the target level of 1.2447. In today’s Asian session, the price quickly returned above the price channel line, strengthening the brewing convergence. The nearest bullish target is 1.2547 (the peak of June 2 and the low of August 25), followed by the 23.6% Fibonacci retracement level at 1.2615. Then, the target range is 1.2684-1.2715 (target level and 38.2% Fibonacci retracement level).
Consolidation below 1.2447 can break such a corrective and basic plan. In this case, GBP may continue to fall towards the target support at 1.2307, which is the May 26 low.
On the 4-hour chart, the signal line of the Marlin oscillator broke above its own descending channel. Simultaneously, a convergence has formed between the price and the oscillator. Initial conditions for growth have been created and are being implemented.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
